Aggregate Earnings and Macroeconomic Shocks: The Role of Labour Market Policies and Institutions
I examine the effect of labour market policies and institutions on the transmission of macroeconomic shocks to the labour market, using both aggregate and industry-level annual data for 23 OECD countries, 23 business-sector industries and up to 29 years. I find that high and progressive labour taxes...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2011
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| Schriftenreihe: | OECD Social, Employment and Migration Working Papers
no.123 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | I examine the effect of labour market policies and institutions on the transmission of macroeconomic shocks to the labour market, using both aggregate and industry-level annual data for 23 OECD countries, 23 business-sector industries and up to 29 years. I find that high and progressive labour taxes and generous unemployment benefits amplify labour income fluctuations. By contrast, statutory minimum wages reduce the difference in the sensitivity of wages to aggregate shocks between low-wage and high-wage industries. Dismissal regulations are found to mitigate the impact of shocks on both earnings and employment. Moreover, this mitigation effect is greater in industries where firms have a greater propensity to make staffing changes through dismissals. Stringent dismissal regulations also appear to reduce the counter-cyclicality of the earnings dispersion between high and low-educated labour. |
| Beschreibung: | 1 Online-Ressource (48 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5kg58j99z8jc-en |
Internformat
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| spelling | Bassanini, Andrea VerfasserIn aut Aggregate Earnings and Macroeconomic Shocks The Role of Labour Market Policies and Institutions Andrea, Bassanini Paris OECD Publishing 2011 1 Online-Ressource (48 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Social, Employment and Migration Working Papers no.123 I examine the effect of labour market policies and institutions on the transmission of macroeconomic shocks to the labour market, using both aggregate and industry-level annual data for 23 OECD countries, 23 business-sector industries and up to 29 years. I find that high and progressive labour taxes and generous unemployment benefits amplify labour income fluctuations. By contrast, statutory minimum wages reduce the difference in the sensitivity of wages to aggregate shocks between low-wage and high-wage industries. Dismissal regulations are found to mitigate the impact of shocks on both earnings and employment. Moreover, this mitigation effect is greater in industries where firms have a greater propensity to make staffing changes through dismissals. Stringent dismissal regulations also appear to reduce the counter-cyclicality of the earnings dispersion between high and low-educated labour. Employment Social Issues/Migration/Health FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5kg58j99z8jc-en Volltext |
| spellingShingle | Bassanini, Andrea Aggregate Earnings and Macroeconomic Shocks The Role of Labour Market Policies and Institutions Employment Social Issues/Migration/Health |
| title | Aggregate Earnings and Macroeconomic Shocks The Role of Labour Market Policies and Institutions |
| title_auth | Aggregate Earnings and Macroeconomic Shocks The Role of Labour Market Policies and Institutions |
| title_exact_search | Aggregate Earnings and Macroeconomic Shocks The Role of Labour Market Policies and Institutions |
| title_full | Aggregate Earnings and Macroeconomic Shocks The Role of Labour Market Policies and Institutions Andrea, Bassanini |
| title_fullStr | Aggregate Earnings and Macroeconomic Shocks The Role of Labour Market Policies and Institutions Andrea, Bassanini |
| title_full_unstemmed | Aggregate Earnings and Macroeconomic Shocks The Role of Labour Market Policies and Institutions Andrea, Bassanini |
| title_short | Aggregate Earnings and Macroeconomic Shocks |
| title_sort | aggregate earnings and macroeconomic shocks the role of labour market policies and institutions |
| title_sub | The Role of Labour Market Policies and Institutions |
| topic | Employment Social Issues/Migration/Health |
| topic_facet | Employment Social Issues/Migration/Health |
| url | https://doi.org/10.1787/5kg58j99z8jc-en |
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